If an individual professional income morethan Rs.10.00 lakhs, is it accounts audited, if yes, is it normal procedure what we are following more than Rs.40.00 lakhs business income
3 Replies
VARUN
(PCC STUDENT)
(523 Points)
Replied 17 September 2009
As per Sec. 44AB Tax Audit is necessary when ur business income exceeds Rs. 40 lakhs and when professional income exceeds Rs. 10 lakhs , so in ur case , tax audit is necessary and yes the procedure to be followed is the same as we do in the case of Business income ....
Regards
Varun Makhija
GVRS Kumar
(Finance Executive)
(28 Points)
Replied 17 September 2009
| Originally posted by :VARUN | ||
| " | As per Sec. 44AB Tax Audit is necessary when ur business income exceeds Rs. 40 lakhs and when professional income exceeds Rs. 10 lakhs , so in ur case , tax audit is necessary and yes the procedure to be followed is the same as we do in the case of Business income .... Regards Varun Makhija |
" |
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